In this episode of "Minimise Debt, Maximise Cash with Top Service," Emma Riley, CEO of Top Service and the 2025 Credit Professional of the Year, introduces a discussion between Rachel Symmonds, Member Support Team Manager, and Phillip King, Non-Executive Director.

They delve into the crucial differences between sole traders, partnerships, and limited companies, particularly within the construction industry.

Rachel explains that sole traders are treated similarly to consumers, meaning their personal assets are within the business, and individuals are pursued in debt recovery. In contrast, a limited company protects a director's personal assets unless they've signed personal guarantees.

This distinction is vital because the type of entity significantly impacts legal and enforcement actions. They highlight unfortunate instances where members believed they were dealing with a non-limited entity, only for investigations to reveal a limited company, sometimes even one that has entered insolvency. The discussion underscores the importance of knowing the legal status of customers to mitigate risks.

Members are encouraged to contact Top Service's member support team for advice on these matters by calling 01527 51280 or visiting their website.

Emma Reilly concludes by inviting listeners to connect with Top Service Limited on LinkedIn or watch the video version of the podcast on their YouTube channel for more tips on Maximising cash and Minimising debt in the construction industry.

To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/

Music by Purple Planet

Read transcript

In this episode of "Minimise Debt, Maximise Cash with Top Service," Emma Riley, CEO of Top Service and the 2025 Credit Professional of the Year , introduces a discussion between Laura Humphries, Head of Customer Development, and Phillip King, Non-Executive Director.

They explore why cash flow should be the number one business priority. The discussion highlights that businesses fail when they run out of cash, citing examples like Carillion, Woolworths, and ISG.

Laura and Phil emphasize that many smaller construction businesses, while passionate about their craft, often overlook crucial cash flow management. They discuss the importance of looking within the business for accumulated retentions or unpaid invoices and how getting support in credit management from day one can reduce the likelihood of failure.

Top Service offers assistance in recovering outstanding retentions and unpaid invoices, with one client successfully recovering 75% of $1.4 million in overdue retentions. This episode stresses that monitoring cash flow is vital, reiterating the saying: "turnover is vanity, profit is sanity, and cash is reality". For businesses interested in learning more about how Top Service can help with retentions, you can visit the Top Service website or call 01527 518802.

To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/

Music by Purple Planet

Read transcript

In this episode of "Minimise Debt, Maximise Cash with Top Service," Emma Riley, CEO of Top Service and the 2025 Credit Professional of the Year , provides tips on how to maximize cash and minimize debt in the construction industry.

Listeners can contact Top Service Limited on LinkedIn for questions or check out their video podcast on YouTube. The next episode will continue to help you maximize cash and minimize debt by buying from Top Service.

To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/

Music by Purple Planet

Read transcript